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NEW YORK--(BUSINESS WIRE)--Time Warner Inc. (NYSE:TWX) announced that its Board of Directors has
elected Carlos M. Gutierrez as a Director, effective today. Mr.
Gutierrez, 59, previously served as Chairman and CEO of Kellogg Company,
U.S. Secretary of Commerce, and Vice Chairman of the Institutional
Clients Group at Citigroup Inc. He currently serves as Vice Chairman of
Albright Stonebridge Group.

Jeff Bewkes, Chairman and CEO of Time Warner, said: “Carlos is a great
addition to our Board, bringing his experience as a successful and
innovative business leader, as well as an invaluable perspective on
international and domestic markets gained through his other roles,
including serving as U.S. Secretary of Commerce. We look forward to
benefiting from his sound business judgment and thoughtful viewpoints as
we focus on continuing to increase value for Time Warner stockholders.”

Robert Clark, who chairs the Nominating and Governance Committee of the
Time Warner Board, said: “When considering new Board members, we look
for individuals who not only possess the required qualities of
integrity, independent judgment, and business acumen, but also who add
to the collective mix of experiences and perspectives that contribute to
effective decision-making by our Board. Carlos’ personal qualities and
his breadth of relevant experience make him a great fit for our Board.
We’re delighted to welcome him.”

Mr. Gutierrez said “I’m honored to be joining Time Warner’s Board and am
looking forward to working with such a distinguished management team and
group of Directors. This is an exciting time to be in the media content
business and at Time Warner in particular, and I’m thrilled to be part
of it.”

With the election of Mr. Gutierrez, Time Warner’s Board now has 12
members, 11 of whom are independent. In addition to Messrs. Bewkes,
Clark and Gutierrez, the members of Time Warner’s Board are James L.
Barksdale, William P. Barr, Stephen F. Bollenbach, Mathias Döpfner,
Jessica P. Einhorn, Fred Hassan, Kenneth J. Novack, Paul Wachter, and
Deborah C. Wright.

About Carlos M. Gutierrez

Mr. Gutierrez served as the 35th U.S. Secretary of Commerce
from February 2005 to January 2009, overseeing an agency with 38,000
employees and a $6.5 billion budget and, among other accomplishments,
playing a key role in the approval of a landmark trade agreement that
expanded opportunities in Latin America. Prior to his government
service, Mr. Gutierrez was employed by Kellogg Company for nearly 30
years, becoming President and CEO of Kellogg Company in 1999 and then
serving as its Chairman and CEO from April 2000 until February 2005. Mr.
Gutierrez initially joined Kellogg in 1975 as a sales representative in
Mexico, rising in the organization through assignments in Latin America,
Canada, Asia, and the United States. He was the company’s youngest CEO
in its history and he is credited with strategically focusing Kellogg’s
businesses and strengthening its financial performance.

Mr. Gutierrez served as Citigroup Inc.'s Vice Chairman of the
Institutional Clients Group and as a member of the Senior Strategic
Advisory Group from January 2011 to February 2013. Mr. Gutierrez
currently serves as Vice Chair of Albright Stonebridge Group, a global
strategy firm.

Mr. Gutierrez currently serves on the Boards of MetLife, Inc. and
Occidental Petroleum Corporation. He previously served as a Director of
Corning Incorporated, United Technologies Corporation and
Colgate-Palmolive Company.

About Time Warner Inc.

Time Warner Inc., a global leader in media and entertainment with
businesses in television networks, film and TV entertainment and
publishing, uses its industry-leading operating scale and brands to
create, package and deliver high-quality content worldwide through
multiple distribution outlets.